Complete news archive

  • Secondary CMBS reacts to primary pricing

    US CMBS new issue spreads have widened in recent weeks with growing investor concern about high premium prices and early returns of principal. Legacy super seniors reset yesterday, however, tightening by 1bp to 2bp.

    "This week investors learned that it was not only high quality legacy paper getting strict scrutiny. Spreads on new issue last cashflow triple-A paper reset this .......

    Market Reports 12 April 2013

  • RFC issued on TR principles

    The Committee on Payment and Settlement Systems and IOSCO have published for public comment a consultative report entitled 'Authorities' access to trade repository data'. The purpose of the report is to provide guidance to trade repositories (TRs) and authorities on the principles that should guide authorities' access to data held in TRs for typical and non-typical data requests. The report .......

    News Round-up 12 April 2013

  • Upgrade potential for CLO constituents

    S&P has incorporated the top 250 corporate obligations held in rated US cashflow CLOs in its potential bond upgrade research this month. The agency found that 23 of these companies have upgrade potential, constituting 17% of the 138 US-based potential upgrades. The telecommunications and consumer products sectors have the highest concentration of potential upgrade CLO constituents, with 22% and 13% .......

    News Round-up 12 April 2013

  • In defence of sovereign CDS

    Credit default swaps on government debt are effective tools for investors to hedge risks and can enhance financial stability, according to a new analysis from the International Monetary Fund. Rather than banning naked sovereign CDS, the IMF suggests that policymakers could improve the market by requiring more data disclosure and by implementing the G20 reforms that aim to enhance the .......

    News Round-up 12 April 2013

  • Mixed servicer performance in Q4

    Total US residential mortgage servicer cure and cash-flowing rate performance was mixed in the fourth quarter, according to Moody's. The agency's latest Servicer Dashboard publication also shows that timelines for completed foreclosures continued to lengthen as servicers work their way through the aged pipeline.

    Moody's notes that court systems in judicial states - such as New York, New Jersey and .......

    News Round-up 12 April 2013

  • Residual SLABS prepped

    Sallie Mae is in the market with the first residual student loan ABS in over a decade. Dubbed SLM Student Loan EDC Repackaging Trust 2013-M1, the US$225m transaction is backed by the ownership certificates of residual interests in the SLM Student Loan Trust 2006-8, 2006-9 and 2007-1 deals.

    The portfolios collateralising the underlying trusts consist of FFELP consolidation loans, as .......

    News Round-up 12 April 2013

  • SIV fraud trial due next month

    On 13 May the US District Court for the Southern District of New York is scheduled to start jury selection for the Abu Dhabi Commercial Bank trial, in which Moody's, Morgan Stanley and S&P are named as co-defendants. The litigation relates to the sale of the Cheyne Finance SIV, which was restructured in 2008 (SCI 18 June 2008).

    The suit .......

    Job Swaps 12 April 2013

  • Pair promoted to CMBS co-heads

    RBS Securities has named Todd Jaeger and Jeff Wilson as co-heads of CMBS trading for the Americas. They are based in Stamford, Connecticut and report to Adam Siegel and David Cannon, co-heads of ABS, RMBS and CMBS trading for the region.

    Jaeger has been at RBS for six years, with experience in CMBS synthetic trading and the cash market. He .......

    Job Swaps 12 April 2013

  • Trups to the fore of CDO supply

    The number of CDO tranches circulating on BWICs jumped yesterday, with SCI's PriceABS data picking up a slew of Trups bonds. Among that contingent were a dozen PRETSL tranches, with other more rarely sighted names also appearing.

    A healthy supply of non-Trups paper was also out for the bid yesterday. For instance, a US$19.6m piece of the ABSCF .......

    Market Reports 11 April 2013

  • Further French house price declines forecast

    Overvaluations, a lack of liquidity and political efforts to boost housing availability are likely to cause further drops in French house prices in the short to medium term, says Fitch. French notaries data are forecasting a 4.7% year-on-year decline (May 2012-2013) for France and a 4.5% decline for Paris, based on pre-contracts signed as of March.

    This is in line .......

    News Round-up 11 April 2013

  • Temporary swap reporting relief granted

    The CFTC's Division of Market Oversight has issued a no-action letter providing swap counterparties that are not swap dealers or major swap participants with relief from certain reporting requirements. A reporting compliance date of 10 April had been set for non-SD/MSP counterparties.

    The no-action letter provides non-SD/MSP counterparties that are not 'financial entities' with reporting relief under Parts 43 and .......

    News Round-up 11 April 2013

  • Debut SFIG conference announced

    The Structured Finance Industry Group (SFIG) is set to hold its first annual industry conference in Las Vegas on 22-24 January 2014, just days before the American Securitization Forum's conference is due to begin there on 26 January. The move comes less than a month after the association was formed (SCI 15 March).

    SFIG has partnered with IMN to host .......

    News Round-up 11 April 2013

  • Cash RMBS index launched

    Markit has unveiled the Markit iBoxx US Non-Agency RMBS indices, a family of cash bond indices based on a portfolio of US non-agency RMBS. The new family of indices aims to provide market participants with a historical dataset and ongoing points of reference to assess the returns of the US non-agency RMBS market.

    The Markit iBoxx US Non-Agency RMBS index .......

    News Round-up 11 April 2013

  • Management outsourcing proposal put forward

    Annaly Capital Management is seeking shareholder approval to enter into a management agreement with Annaly Management Company. Under the agreement, Annaly Management Company would assume all management responsibilities for Annaly Capital.

    The proposal would see Annaly Capital pay Annaly Management Company an annual fee of 1.05% of Annaly Capital's stockholder's equity, while the manager would be responsible for paying all .......

    Job Swaps 11 April 2013

  • Credit spread futures prepped

    S&P Dow Jones Indices has launched three new credit spread indices based upon the S&P 500. It has also licensed trueEX, a CFTC-approved electronic exchange, to create futures contracts based upon the indices.

    The three new credit spread indices are: the S&P/ISDA US 150 Credit Spread Index, the S&P/ISDA US Corporate 120 Credit Spread Index and the S&P/ISDA US Financial .......

    News Round-up 11 April 2013

  • Gleacher shuts down RMBS group

    After spending the second half of 2012 repeatedly strengthening its MBS and rates division (SCI passim), Gleacher & Company has closed down both that business and its credit products business. Exiting those businesses and engaging in a wider restructuring are expected to impact around 160 employees.

    Gleacher's other businesses, such as investment banking, are unaffected. The company has also announced .......

    Job Swaps 11 April 2013

  • US CMBS picks up pace

    US CMBS secondary supply yesterday more than doubled the levels observed on Monday. Total BWIC volume stood at US$233m, with SCI's PriceABS data showing a slew of 2004-2006 vintage paper, as well as more recent Freddie Mac tranches.

    "Generic CMBS spreads are unchanged on the day. In terms of supply, legacy fixed bonds - the majority of which .......

    Market Reports 10 April 2013

  • Reporting tie-up agreed

    Sapient Global Markets is to offer its Compliance Management and Reporting System (CMRS) to customers connecting to the DTCC's swap data repository (SDR) reporting. CMRS aims to allow firms to collate vast amounts of data from disparate systems, translate it into the destination message format, deliver it directly to regulators and receive acknowledgement messages back from the DTCC. Additionally, it .......

    News Round-up 10 April 2013

  • CPPI inches up

    The Moody's/RCA Commercial Property Price Indices (CPPI) national all-property composite index increased by 0.5% in February from its January level. The index's two components - apartment and core commercial - increased by 1.3% and 0.2% respectively for the month.

    This month the CPPI report focuses on the relationship between metropolitan area price performance and loan losses since 2007. "There was .......

    News Round-up 10 April 2013

  • APAC natural disasters tested ratings assumptions

    Fitch reports that the major natural disasters that affected the Asia-Pacific region from 2010 to 2012 have not had any rating impact on its rated structured finance transactions. Disasters over the period included the Japanese earthquake and tsunami of March 2011; the earthquakes of September 2010 and February 2011 in Canterbury, New Zealand; and the worst flooding in decades to .......

    News Round-up 10 April 2013

  • Four join credit hedge fund

    400 Capital Management has hired four new recruits to increase its investment and operations capabilities. Chi Lee, Edward Lee, Kara Bingham Regan and Yehuda Graber all join as directors.

    Chi Lee takes responsibility for the sourcing, analysis and structuring of CLOs as well as structured credit and related derivatives opportunities. He was previously at Navigant Consulting, and before that UBS, .......

    Job Swaps 10 April 2013
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